§ Mr. Hardyasked the Chancellor of the Exchequer (1) what is the cost to public funds of tax relief on a £450,000 mortgage in the first year of the repay- 248W ment period, assuming the highest rate of relief applies;
(2) what is the monthly repayment due upon a mortgage of £450,000 over a 25-year period assuming the current interest rates apply; and what is the cost of tax relief at the maximum rate in such a case during the whole of the repayment period;
(3) what was the net rate of interest applying on mortgage interest payments where the greatest level of concession was given in 1972–73; and what is the estimated figure for the current year.
§ Mr. George Cunninghamasked the Chancellor of the Exchequer whether any administrative disadvantages arise from applying the net pay arrangements to contributions to occupational pension schemes for the purposes of providing tax relief.
§ Mr. NottIn relation to occupational scheme contributions there are in general no administrative disadvantages of the "net pay" arrangement for the Inland Revenue. There should equally be no significant disadvantages for employers with mechanical accounting systems but there will be additional work for employers with less sophisticated accounting methods.